Technical analysis for crude oil – 6 March 2013

WTI oil markets passed a positive trading session somewhat on Tuesday, but oil can not hack to above the level of 91.00 $, the area that you would like to see it penetrating the top of the order to start racing in buying again.

Certainly I see that the level of 90.00 $ supposed to provide a lot of support, and perhaps for the bottom level and the up level to $ 85.00 as well. In that case, I’m not ready to start selling in this market, and in fact, I think we are going to see a big bang at this point.

One of the main reasons that lead me to believe is that the Brent market seems abnormally strong at this point, and they have by far easier than through this market. For this reason, I believe that oil will rise, despite the fact that this market performance may be less than other oil markets around the world. In that case, will move slowly towards the top, and I think that we will eventually find ourselves in a deliberative range between $ 90.00 and about 95.00 $. Could move higher, perhaps up to the height 98.00 $, but in the end I think it will be difficult to overcome another two dollars in that area.

Watched the U.S. dollar
From my point of view, one of the most important reasons why this market to decline significantly over the past weeks has been the subject of the strength of the U.S. dollar. Simply put, the higher the value of the dollar Alomrakik, whenever you need fewer of those dollars to buy commodities. This applies to oil and precious metals, and therefore, everything has become dramatically cheaper.

If we start to see more from the sale of the U.S. dollar, then it is possible to see this market gets a large force. In the front, there are a lot of things that need to be taken into consideration on the risk of the most important, the death of Venezuelan President “Hugo Chavez.” Where he died during Tuesday’s session, there will be concerns about whether the flow of oil will continue important that State, a member of the “OPEC”. In the end, it provides a large amount of crude oil for the U.S., and is considered one of the largest energy markets in the world. In that case, it is possible to cause the shock may lead to higher rates are higher.

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